Treasury Department Proposed Rule

2016-13037: Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering Concern

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Summary

In a finding, notice of which was published elsewhere in this issue of the Federal Register ("Notice of Finding"), the Director of FinCEN found that the Democratic People's Republic of Korea ("North Korea") is a jurisdiction of primary money laundering concern. FinCEN is issuing this notice of proposed rulemaking ("NPRM") to propose to prohibit covered financial institutions from opening or maintaining a correspondent account in the United States for or on behalf of a North Korean banking institution and to prohibit the use of foreign banking institutions' correspondent accounts at covered U.S. financial institutions to process transactions involving North Korean financial institutions.

The agency’s own summary, as published.

What this changes

Amends 1 part of the Code of Federal Regulations — the standing rules this notice rewrites.

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